NAIROBI: Kenya’s shilling weakened on Wednesday, due to a build-up in demand for dollars from oil retailing companies, traders said.

At 0820 GMT, commercial banks quoted the shilling at 123.25/45 per dollar, compared with Friday’s close of 123.15/25. Kenyan markets were closed on Monday and Tuesday for Christmas and Boxing Day holidays.

Kenya shilling steady, seen weakening on year-end demand

Earlier on Wednesday, the shilling hit a fresh record low of 123.30/50 per dollar before recovering, according to Refinitiv data.